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Naira Still N132.80 Per Dollar By Amarachukwu Ona The Nigerian currency, the naira yesterday remained stable at the 194th session of the Dutch Auction System (DAS), exchanging at N132.80 per one United States dollar, the same rate it exchanged three days ago. According to the summary of yesterday's transactions, out of the $100 million offered for sale by the apex bank Wednesday, total amount demanded by 64 banks on behalf of their customers stood at $130,932,683.34, out of which bids amounting to $115,943,555.92 were successful. Unsuccessful bids therefore amounted to $1,163,716.98, while the amount for disqualified bids and unfunded account stood at $12,996,949.00 and $828,461.45 respectively. The $115,943,555.92 sold to banks yesterday by the apex bank is 3.5 per cent or $3.8 million more than the $112.067 million sold in the last trading session, while the $130,932,683.34 demanded is 16.9 per cent or $26.8 million less than the $157.7 million demanded in the previous day's transaction. Further analysis indicates that the highest bid rate and the lowest bid rate stood at N134.00 and N131.90 per dollar, respectively. Reasons given by the banking watchdog for voiding some of yesterday's bids range from incomplete address; duplicated form 'm' numbers, purpose not explicit, multiple bids, all other rates below marginal rate as well as unfunded account. Cumulatively, the $115,943,555.92 sold to banks by the banking watchdog yesterday, brings to $24.237 billion the total amount of foreign exchange that has been sold to banks by the CBN since the debut of the DAS July 22, 2002. Similarly, the $100 million offered to banks Wednesday brings the total amount of foreign exchange that has been offered by the CBN since the debut of DAS to $17.997 billion. At the export proceeds market the naira exchange rate against the dollar remained unchanged at N134.80 per one US dollar, while at the parallel market, the naira exchange rate stood at N139.00 per one US dollar. At the Nigeria Inter-bank Foreign Exchange Fixing (NIFEX) where the market quotes represent rates at which $1 million and above are traded amongst banks in the inter-bank foreign exchange market, the bid and offer rates of one United States dollar stood at N134.6 and N134.9 respectively. Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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